Petrol's shareholders approved the proposal at a general meeting held on September 28, the company said in a bourse filing.
The company also skipped dividend distribution for 2018, when it posted a net loss of 6.4 million levs.
At the end of 2019, the company had accumulated losses of 109 million levs.
Petrol operates over 300 fuel stations in Bulgaria.
(1 euro = 1.95583 levs)